Daily Pivots: (S1) 0.6451; (P) 0.6493; (R1) 0.6529; More...
Intraday bias in AUD/USD is turned neutral first with current recovery. But risk will stay mildly on the downside as long as 0.6545 resistance holds. Fall from there could extend to 55 D EMA (now at 0.6420). Firm break there will target 38.2% retracement of 0.5913 to 0.6545 at 0.6304. On the upside, break of 0.6545 will resume the rise from 0.5913 instead.
In the bigger picture, AUD/USD is still struggling to sustain above 55 W EMA (now at 0.6443) cleanly, and outlook is mixed. Sustained trading above 55 W EMA will indicate that rise from 0.5913 is at least correcting the down trend from 0.8006 (2021 high), with risk of trend reversal. Further rise should be seen to 38.2% retracement of 0.8006 to 0.5913 at 0.6713. However, rejection by 55 W EMA will revive medium term bearishness for another fall through 0.5913 at a later stage.
. Firm break there will target 38.2% retracement of 0.5913 to 0.6545 at 0.6304. On the upside, break of 0.6545 will resume the rise from 0.5913 instead.){kind=link}